Kenya, Ghana currencies to weaken on dollar demand




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NAIROBI  – Kenya’ shilling and Ghana’s cedi could weaken next week on increased dollar demand, while Zambia’s currency is seen strengthening further on dollar inflows chasing government debt.

KENYA

An expected surge dollar demand by importers could weaken shilling next week, after the currency traded stronger following a central bank sale dollars on .

At 0847 GMT, commercial banks quoted the shilling at 96.00/10 to the dollar, from 95.25/35 a week ago.

“From next week, importers are going to start buying dollars in anticipation of end-month demand. So we could still continue to see the shilling remain pressure,” Bobby Otieno, treasurer at Ecobank Kenya, said.

Traders said they forecast the shilling to trade between 96.00 to 97.00 against the dollar.

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*(Reuters)*